Mortgage rates will hold steady for the time being.

Slow economic growth over the summer has motivated the Federal Reserve to remain cautious, holding off on

Brandon Montemayor

Brandon Montemayor

proposed rate hikes for now.

National Gross Domestic Product (GDP) grew slower than expected over the summer. As such, the Fed has made plans to raise the rate of money borrowed by lending institutions in an effort to stave off runaway inflation, based on higher economic projections that have yet to be met.

Good News For Home Buyers

Interest rates have held at under 4 percent for the bulk of past year. As of the date of this article, mortgage interest rates are as follows:

  • 30 year fixed-rate mortgage: 3.87%
  • 15 year fixed-rate mortgage: 3.15%
  • FHA 30 year fixed: 3.60%
  • Jumbo 30 year fixed: 3.67%
  • 5/1 fixed adjustable rate mortgage: 2.93%

How long will rates hold steady?

While the Federal Reserve has continued to hold off on any rate increases, we may still see a rise by year’s end. This of course may be based on final quarter economic conditions.

What’s holding you back from making the decision to buy a home?

Most “on-the-fence” types hold off on purchasing a home because they don’t think they can qualify for a loan, or feel the process is too overwhelming. The staff at Montemayor & Associates are professional, experienced, licensed, full service agents ready to help ease your concerns and streamline the buying process so that you can enjoy all the benefits that home ownership has to offer. Contact us at either of the numbers listed at the top of this page, or by using the Quick Response form below.

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Client Testimonials
I had specific needs for my new home. Brandon was very patient with my unique situation and flexible when it kept changing. He showed me so many houses, but with little inventory, none of them were quite perfect or they had too much HOA or Mello Roos. Finally when we found The One, no HOA, no Mello Roos, it had been on the market for 4 days and I made an offer that morning. I was sure the sellers would give it to someone else but Brandon worked hard to make sure they accepted my offer and by that night, the house was mine. Had it not been for Brandon I would still be searching for a house because so far, there is still nothing better than mine.
Lisa G. , Saugus
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